Tomas Sets Guidelines for Sale of South Road Properties Lots
Sun.Star
Monday, March 12, 2007
MAYOR Tomas Osmeña told Cebu City barangay captains last Saturday that he intends for the South Road Properties to “create economic opportunities,” which is why he is not simply selling off the 295-hectare property.
He said he wanted to ensure that those who will buy SRP lots will put up businesses that will generate jobs.
“What are they going to do with it? Will it create jobs, or mosulod ra ang mga kanding diha kay maghulat sila kanus-a mosaka ang presyo?” the mayor said in explaining his parameter against which all offers will be measured.
He said Bigfoot Global Solutions, Filinvest, SM Prime Holdings Inc. and Robinson’s Land of the Gokongweis have all shown interest in the prime property.
He agreed for Bigfoot to lease two hectares for 25 years because owner Michael Gleissner was raring to set up an international studio, which Osmeña said provides an opportunity for local artists and skilled laborers to showcase their talents.
Bigfoot is also interested to buy 16 hectares of the SRP, especially the beachfront area where Gleissner plans to build a yacht club, at P12,000 per square meter or a total of P1.94 billion.
Filinvest also has a standing proposal to develop a portion of the SRP. Ayala Lands Inc. also expressed interest to undertake a development project there.
No monopoly
To make sure that malls and commercial developments will not dominate the SRP, the Cebu Investments Promotions Center (CIPC) has invited private investors to put up two standard factory buildings that can be leased.
CIPC is the marketing arm of the SRP.
Its director, Joel Yu, earlier said that since the mayor is not inclined to sell the entire 295-hectare property to SM Prime Holdings Inc., its representatives are now studying the possibility of purchasing certain portions only.
“I need you to understand because potential customers will also not understand my priorities,” Osmeña told 63 barangay captains gathered in the Association of Barangay Councils assembly last Saturday.
He said that he is selling portions of the SRP just so the City could have enough funds to pay its amortization for the next two to three years.
The SRP was built from a Japanese Government loan amounting to about P6.3 billion.
The mayor said Filinvest owners arrived in the city last Friday to inspect the SRP, as they are interested to buy 50 to 100 hectares. (RHM)